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India’s International Investment Position December 2025.

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Mumbai; March 2026: Today, the Reserve Bank released data relating toIndia’s International Investment Position for end-December 2025.

Key Features of India’s IIP in end-December 2025:

Net claims of non-residents on India declined by US$ 10.9 billion from end- September 2025 and stood at US$ 260.5 billion as at end-December 2025, driven by relatively higher rise in Indian residents’ overseas financial assets (US$ 12.8 billion) as compared to increase in the foreign-owned assets in India (US$ 1.9 billion) (Table 1).

Accordingly, the ratio of India’s international assets to international liabilities continued to improve to 82.1 per cent as at end-December 2025 from 81.4 per cent in the previous quarter and 74.6 per cent a year ago (Chart 1 & Table 1).

Indian residents’ overseas financial assets increased during the quarter, primarily led by rise in outward direct investments (US$ 7.6 billion) and currency and deposits (US$ 9.4 billion).

Reserve assets, accounting for 57.4 per cent share in the total overseas financial assets of Indian residents, declined by US$ 12.4 billion from the previous quarter and stood at US$ 687.7 billion as at end-December 2025. However, on annual basis, it rose by 8.2 per cent (Table 2).

On liability side, decline in inward direct investment (US$ 3.2 billion) and portfolio investment (US$ 2.8 billion) was offset by increase in trade credit (US$ 11.4 billion) under other investment, resulted in marginal sequential increase (0.1 per cent) in foreign-owned assets in India as on end-December 2025.

With the decline in equity investment along with the rise in debt investment, the share of debt liabilities in total external liabilities increased to 55.3 per cent as at end-December 2025 from 54.8 per cent a quarter ago (Table 3).

Table 1: Overall International Investment Position of India (US$ billion):

Period	Position as at end of
Period	Dec-24 (PR)	Mar-25 (PR)	Jun-25 (PR)	Sep-25 (PR)	Dec-25 (P)
Net IIP (A-B)	-363.9	-329.1	-312.6	-271.4	-260.5
A. Assets	1070.8	1134.0	1177.1	1185.2	1198.0
1. Direct Investment	260.8	270.5	279.5	288.9	296.5
1.1 Equity and investment fund shares	166.5	173.6	179.7	187.2	193.1
1.2 Debt instruments	94.3	96.9	99.8	101.7	103.4
2. Portfolio Investment	12.0	15.4	16.3	16.6	16.5
2.1 Equity and investment fund shares	9.2	10.3	13.1	12.5	10.1
2.2 Debt securities	2.8	5.1	3.2	4.1	6.4
3. Other Investment	162.3	179.8	183.2	179.6	197.3
3.1 Trade Credits	33.3	33.7	33.7	31.9	34.5
3.2 Loans	23.4	27.1	25.6	25.8	26.8
3.3 Currency and Deposits	69.6	80.4	83.6	80.8	90.2
3.4 Other Assets	36.0	38.6	40.3	41.1	45.8
4. Reserve Assets	635.7	668.3	698.1	700.1	687.7
B. Liabilities	1434.7	1463.1	1489.7	1456.6	1458.5
1. Direct Investment	547.2	557.0	571.2	562.2	559.0
1.1 Equity and investment fund shares	513.0	522.0	535.4	525.8	522.2
1.2 Debt instruments	34.2	35.0	35.8	36.4	36.8
2. Portfolio Investment	276.5	272.0	272.5	258.7	255.9
2.1 Equity and investment fund shares	155.6	141.9	147.4	133.0	130.1
2.2 Debt securities	120.9	130.1	125.1	125.7	125.8
3. Other Investment	611.0	634.1	646.0	635.7	643.6
3.1 Trade Credits	135.6	131.2	131.1	135.0	146.4
3.2 Loans	240.6	250.5	260.3	258.5	259.9
3.3 Currency and Deposits	165.7	167.6	171.7	168.9	173.9
3.4 Other Liabilities	47.5	62.8	60.2	50.6	40.7
3.5 Special drawing rights (Net incurrence of liabilities)	21.6	22.0	22.7	22.7	22.7
*Memo Item: Assets to Liability ratio (%)*	74.6	77.5	79.0	81.4	82.1

Table 2: Composition of International Financial Assets and Liabilities of India (%):

Period	Position as at end of
Period	Dec-24 (PR)	Mar-25 (PR)	Jun-25 (PR	Sep-25 (PR)	Dec- 25 (P)
A. Assets
1. Direct Investment	24.4	23.8	23.7	24.4	24.7
2. Portfolio Investment	1.1	1.4	1.4	1.4	1.4
3. Other Investment	15.1	15.9	15.6	15.1	16.5
4. Reserve Assets	59.4	58.9	59.3	59.1	57.4
Total	100.0	100.0	100.0	100.0	100.0
B. Liabilities
1. Direct Investment	38.1	38.1	38.3	38.6	38.3
2. Portfolio Investment	19.3	18.6	18.3	17.8	17.6
3. Other Investment	42.6	43.3	43.4	43.6	44.1
Total	100.0	100.0	100.0	100.0	100.0

Table 3: Share of External Debt and Non-Debt Liabilities of India (%):

Period	Position as at end of
Period	Dec-24 (PR)	Mar-25 (PR)	Jun-25 (PR)	Sep-25 (PR)	Dep-25 (P)
Non-Debt Liabilities	46.6	45.4	45.8	45.2	44.7
Debt Liabilities	53.4	54.6	54.2	54.8	55.3
Total	100.0	100.0	100.0	100.0	100.0